Asset management firm Pollen Street Capital has sold its entire stake in bridging finance lending platform, Castlehaven Finance to Avenue Capital Group for over €250 million.

The move will see Pollen Street Capital exit its investment in Castlehaven Fiance.

Set up in 2014 by Clark McCann and Will Aylmer, Castlehaven has provided over €580 million in finance to developers since then.

It was established as an alternative source of funding to the residential development market here in the wake of the financial crash.

Pollen Street Capital became a partner with Castlehaven two years later and has since supplied €385 million in funds to it.

Castlehaven Finance is now among the leading development and bridging finance lenders here.

Among the major projects it is involved in that are due for completion this year are a residential development of 74 new homes at Chapel Road in Delgany for Patrick Durkan's development entity DRES.

It is also funding a 149 bedroom hotel on James' Street for The Dublin Loft company owned by Mark, Andrew and Kelly Cosgrave.

Will Aylmer said the new partnership with Avenue Capital will allow Castlehaven Finance to continue to scale up further.